‘Housing for All by 2020’, an initiative which started the movement keeping in mind that housing actually reveals a nation’s economic growth and social well-being, is on the road to reality. As Housing for All has been the point of focus for the government, it facilitated a 4% interest rate rebate on housing loans of up to Rs 9 lac. The rebate stands at 3% on loans up to Rs 12 lac.

The Policies and programs developed by the Ministry of Housing government have been supported by budgetary interventions and it has already granted infrastructure status to affordable housing under real estate sector. Thus the government will allow companies to access capital and improve liquidity in the sector and will allow additional private players to participate, adding to the competition. This will provide better options for consumers. Consumers will also benefit from the credit offtake, as they will have access to cheaper financing. This was partially enabled by banks, early this year following the government’s demonetization drive.

Some of the key benefits of affordable housing are:

• Access to affordable housing improves education outcomes by reducing the mobility of low-income families.
  Affordable housing improves resident health by reducing exposure to environmental hazards and frees resources to pay for health expenses and food.
• Affordable housing yields an increase in regional competitiveness by lowering local housing costs and increasing employee retention.
• Affordable housing saves taxpayer money by reducing demand for other government services, including homeless, health and other social programs.
• Improves commuting behaviours when locating near transit options.